To mature on 22 May 2024, the notes are in denominations of $250,000 and have a coupon of 2.164 percent per annum payable semi-annually in arrears.

HDB revealed that the notes were offered “by way of placement to investors who fall within Sections 274 and 275 of the Securities and Futures Act and (where applicable) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018”.

Although approval in principle for the listing of the notes on the Singapore Exchange Securities Trading Limited (SGX-ST) has been obtained, the notes’ admission on the SGX-ST should not be taken as an indication of HDB’s merits, its subsidiaries or the notes.

The notes – rated Aaa by Moody’s Investors Service – were cleared through The Central Depository, with DBS Bank, Maybank Kim Eng Securities, Standard Chartered Bank (Singapore) and United Overseas Bank as joint lead managers.

Under the MTN programme, HDB may from time to time, “issue bonds (or notes) to finance its development programmes and working capital requirements as well as to refinance the existing borrowings”.